July 7 (Reuters) - Gold prices fell on Tuesday and traded below a two-week high reached in the previous session, as investors awaited the release of the Federal Reserve's June meeting minutes for clues about the direction of monetary policy under new Governor Kevin Warsh.

Spot gold fell 0.4 percent to $4,148.59 an ounce by 00:43 GMT, while U.S. gold futures for August delivery fell 0.2 percent to $4,160.20.

The minutes of the Federal Open Market Committee meeting held on June 16 and 17 will be released on Wednesday.

U.S. services sector activity declined in June as some of the boost from companies rushing to place orders amid the Middle East war wore off, but employment recovered after shrinking for three consecutive months, indicating continued stability in the labor market.

Gold prices have fallen by more than 25 percent from their record highs earlier this year, as the US-Israeli war with Iran has raised concerns about inflation, boosted the dollar, and increased expectations of an interest rate hike this year.

But the precious metal hit a two-week high on Monday as a ceasefire agreement between the United States and Iran eased some inflation concerns, and weaker-than-expected U.S. jobs data last week prompted markets to lower their expectations for near-term interest rate hikes.

The CME Group’s FedWatch tool indicates that traders expect a probability of around 57 percent for an interest rate hike in September, down from more than 60 percent before the data was released.

As for other precious metals, silver fell 0.8 percent to $61.57 an ounce in spot trading, platinum dropped 0.8 percent to $1,618.78, and palladium declined 0.4 percent to $1,264.11.